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Oil Rises Before Inventory Data is Released Tomorrow

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West Texas Intermediate rose for a second day before stockpile data that will signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. Brent gained in London.

Futures climbed as much as 0.6 percent in New York. U.S. crude inventories probably shrank by 2.8 million barrels last week, according to a Bloomberg News survey before tomorrow’s Energy Information Administration report. The United Nations Security Council voted unanimously to approve a resolution calling for an international probe into the downing of a Malaysian Air passenger jet in Ukraine. U.S. Secretary of State John Kerry is holding talks in Cairo to end fighting in the Gaza Strip.

“Inventories are something that can influence prices as in the past weeks there were large draws which were bullish,” Gerrit Zambo, an oil trader at Bayerische Landesbank in Munich, said by phone today. “The biggest issues supporting prices are the crises in Ukraine and Gaza.”

WTI for August delivery, which expires today, gained as much as 66 cents to $105.25 a barrel in electronic trading on the New York Mercantile Exchange. The contract closed at $104.59 yesterday, the highest level since July 1. September crude was up 21 cents at $103.07 at 12:28 p.m. London time. The volume of all futures traded was about 31 percent above the 100-day average. Front-month prices have advanced 6.6 percent this year.

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

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